ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
Frequently asked questions
What specific tax issues do accountants for dentists handle?
Accountants for dentists handle a range of tax issues including Self Assessment tax returns for associates and principals, Corporation Tax for limited company practices, and VAT on private dental work. They also advise on the tax treatment of goodwill, equipment purchases, and property used by the practice, ensuring full compliance with HMRC regulations.
How can an ACCA or ICAEW accountant benefit my dental practice?
An ACCA or ICAEW accountant brings a high level of technical expertise and ethical standards to your practice. They are regulated by recognised professional bodies, which means they must keep their knowledge up to date and adhere to strict guidelines. This ensures accurate financial reporting, effective tax planning, and proactive advice tailored to the dental sector.
What should I look for when choosing an accountant for my dental surgery?
When choosing an accountant, look for someone with experience in the dental sector, relevant qualifications such as ACCA, ICAEW, or AAT, and a clear understanding of HMRC requirements. It is also important to consider their communication style, availability, and whether they offer proactive advice on practice profitability and tax efficiency.
Are accountants for dentists familiar with NHS and private income structures?
Yes, accountants who specialise in dentistry are familiar with the different income structures, including NHS contracts, private patient fees, and mixed practices. They understand how to apportion expenses, manage VAT on private income, and ensure that all income streams are reported correctly to HMRC, maximising your take-home pay.
How often should I meet with my dental accountant?
It is advisable to meet with your dental accountant at least twice a year, once for tax planning and once for year-end accounts preparation. However, many practices benefit from quarterly reviews to monitor cash flow, review tax provisions, and discuss any changes in the business or tax legislation. Regular contact helps avoid surprises.
Can an accountant help with the purchase or sale of a dental practice?
Yes, an experienced dental accountant can provide valuable assistance during the purchase or sale of a practice. They can help with valuation, due diligence, structuring the deal for tax efficiency, and negotiating the allocation of goodwill. Their expertise ensures that the transaction is financially sound and compliant with HMRC rules.
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